Browsing: zimbabwe

In May 2023, Zimbabwe released a gold-backed digital currency for peer-to-peer and business transactions. It acted as a store of value as the Zimbabwean dollar continued its steep depreciation. International gold prices controlled by the London Bullion Market Association will dictate the local pricing of Zimbabwe’s digital currency tokens.

Key staff in Eswatini and Zimbabwe have gained critical skills on how to harness Africa Continental Free Trade Area (AfCFTA).…

The Reserve Bank of Zimbabwe last month began to loosen the tight monetary policy it had in place over the…

The VFEX or Victoria Falls Stock Exchange is Zimbabwe’s exclusively United States dollar only stock market which was launched 3…

Zimbabwe’s banking and financial industry reflects the overall health of the economy. The country has broadly experienced capital flight and…

Zimbabwe is experiencing crippling power outages characterized by black-outs that can extend to as much as 19 hours a day.…

Zimbabwe’s potential to become the bread basket of Africa again may be possible. The country still possesses fertile soils and…

When buying any product what do you really look at on the labels? How often do you check where the…

The commission also approved the Dairibord Zimbabwe/Tavistock Estates deal and the acquisition of 100 per cent shareholding in DSI Underground by Sandvik Holdings.

“The transaction was classified as a horizontal merger since the parties are competitors at the same level and in the same relevant market. Examination of the proposed acquisition by Sandvik of 100 per cent of the shares in DSI sought to establish whether the merger will be contrary to public interest through substantially lessening competition or creating a monopoly situation that will be contrary to public interest in the Zimbabwean market,” read the report on the acquisition.

According to CTC, Sandvik-the acquiring firm, is a public limited company incorporated in Sweden and is into high-tech and global engineering. In Zimbabwe, Sandvik operates through its subsidiary, Sandvik Mining and Construction Zimbabwe (Pty) Ltd (“Sandvik Zimbabwe”), and supplies drill rigs, underground trucks and loaders, aftermarket-parts, service and rock tools, crushers, consumables and surface drill rigs. Sandvik’s services and products relate to rock drilling, cutting, loading, hauling, tunnelling, quarrying, breaking and demolition.

The company’s performance was mainly affected by several reasons, including the roof collapse in 2021 which halted production and resulted in low revenues.

Another factor is foreign currency exchange losses incurred on the related party borrowing of US $32 million and related party payables. As a result, the company has not been able to generate sufficient cash fl­ows to settle short-term borrowings due to external parties. The decommissioning of cement mill 1 to make way for the commissioning phase of the VCM also adversely affected cement volumes.

Although the decline in revenue is partly attributed to the decommissioning one of the existing cement ball mills to make way for the installation of the new Vertical Cement Mill (VCM). The new VCM which is anticipated to be fully operational by Q4 2022 is expected to revive production and income.

If you are just wondering what a VCM is, cement mills are the milling machines used in cement plants to grind hard clinker into fine cement powders. Cement ball mill and vertical roller mill are two most widely used cement mills in today’s cement grinding plants.